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Ameren vs Exelon: revenue, profit, margins and growth compared

Ameren brought in $8.8B of revenue in fiscal 2025, Exelon $24.3B in fiscal 2025. Revenue changed by +15.4% at Ameren and +5.3% at Exelon on the year before, so Ameren grew faster. Ameren kept 16.5% of its revenue as net profit, Exelon 11.4%. Free cash flow was -$775M at Ameren and -$2.3B at Exelon.

Side by side, latest fiscal year

AEEEXC
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$8.8B$24.3B
Revenue growth+15.4%+5.3%
Net income$1.5B$2.8B
Net margin16.5%11.4%
Free cash flow-$775M-$2.3B
Free cash flow margin-8.8%-9.4%
Earnings per share (diluted)$5.35n/a
Cash$13M$626M
Debt$19.4B$49.4B
Price to earnings18.6n/a
Market value$27.5B$41.6B
Dividend yield2.86%3.97%
Rank by revenue in sector#33 of 109 · Utilities#10 of 109 · Utilities

Over the years

Revenue
AEE FY2018: $6.3BAEE FY2019: $5.9BAEE FY2020: $5.8BAEE FY2021: $6.4BAEE FY2022: $8BAEE FY2023: $7.5BAEE FY2024: $7.6BAEE FY2025: $8.8BEXC FY2018: $36BEXC FY2019: $34.4BEXC FY2020: $16.7BEXC FY2021: $17.9BEXC FY2022: $19.1BEXC FY2023: $21.7BEXC FY2024: $23BEXC FY2025: $24.3BFY18FY19FY20FY21FY22FY23FY24FY25
AEE $8.8BEXC $24.3B
Net income
AEE FY2018: $815MAEE FY2019: $828MAEE FY2020: $871MAEE FY2021: $990MAEE FY2022: $1.1BAEE FY2023: $1.2BAEE FY2024: $1.2BAEE FY2025: $1.5BEXC FY2018: $2BEXC FY2019: $2.9BEXC FY2020: $2BEXC FY2021: $1.7BEXC FY2022: $2.2BEXC FY2023: $2.3BEXC FY2024: $2.5BEXC FY2025: $2.8BFY18FY19FY20FY21FY22FY23FY24FY25
AEE $1.5BEXC $2.8B
Net margin
AEE FY2018: 13.0%AEE FY2019: 14.0%AEE FY2020: 15.0%AEE FY2021: 15.5%AEE FY2022: 13.5%AEE FY2023: 15.4%AEE FY2024: 15.5%AEE FY2025: 16.5%EXC FY2018: 5.6%EXC FY2019: 8.5%EXC FY2020: 11.8%EXC FY2021: 9.5%EXC FY2022: 11.4%EXC FY2023: 10.7%EXC FY2024: 10.7%EXC FY2025: 11.4%FY18FY19FY20FY21FY22FY23FY24FY25
AEE 16.5%EXC 11.4%
Revenue growth
AEE FY2019: -6.1%AEE FY2020: -2.0%AEE FY2021: +10.4%AEE FY2022: +24.4%AEE FY2023: -5.7%AEE FY2024: +1.6%AEE FY2025: +15.4%EXC FY2019: -4.3%EXC FY2020: -51.6%EXC FY2021: +7.7%EXC FY2022: +6.4%EXC FY2023: +13.9%EXC FY2024: +6.0%EXC FY2025: +5.3%FY19FY20FY21FY22FY23FY24FY25
AEE +15.4%EXC +5.3%
Free cash flow
AEE FY2018: -$116MAEE FY2019: -$241MAEE FY2020: -$1.5BAEE FY2021: -$1.8BAEE FY2022: -$1.1BAEE FY2023: -$1BAEE FY2024: -$1.6BAEE FY2025: -$775MEXC FY2018: $1.1BEXC FY2019: -$589MEXC FY2020: -$3.8BEXC FY2021: -$5BEXC FY2022: -$2.3BEXC FY2023: -$2.7BEXC FY2024: -$1.5BEXC FY2025: -$2.3BFY18FY19FY20FY21FY22FY23FY24FY25
AEE -$775MEXC -$2.3B

Fiscal years as each company reports them; the two may end in different months.

Questions about Ameren and Exelon

Which is bigger by revenue, Ameren or Exelon?

Exelon is bigger by revenue: $24.3B in fiscal 2025, against $8.8B for Ameren in fiscal 2025.

Which keeps more of its revenue as profit, Ameren or Exelon?

Ameren had a net margin of 16.5% in fiscal 2025; Exelon had 11.4% in fiscal 2025.

Which grew revenue faster, Ameren or Exelon?

In their latest fiscal years revenue changed by +15.4% at Ameren and +5.3% at Exelon.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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